3108 W Tennessee St - Freestanding FOR SALE


Tallahassee, FL 32304
$1,515,000 USD
805-666-8378
3108 W Tennessee St, Tallahassee, FL for Sale
$1,515,000 USD
Freestanding - FOR SALE
1/9
null | 5.55% Cap Rate

3108 W Tennessee St
Tallahassee, FL 32304


HIGHLIGHTS

  • Absolute NNN, Strong Corporate Guarantee by Avis Budget Car Rental
  • Intensive Zoning - could allow for developments with higher building square footage, multiple uses, or more flexibility in site design
  • Full Access Curb Cut: Vehicles can enter and exit the property from both directions of traffic, not restricted to right-in/right-out access
  • Located along a major east/west retail corridor less than 3 miles from Florida State University and 5 miles from the Tallahassee Int'l Airport
  • 69,680 Population within 3-miles of the subject
  • 28,000 cars pass by daily on W. Tennessee Street

OVERVIEW

CBRE is pleased to present an opportunity to acquire an absolute NNN, national credit retail asset with no landlord responsibilities and healthy 2.50% annual increases. The property is occupied by one of the most recognizable car rental companies in the world, Avis Budget Car Rental. The property is situated along US Route 90 (W. Tennessee Street - 28,000 ADT) in Florida‘s state capital, Tallahassee, Leon County, Florida, and one-half mile from Capital Circle, a beltway circling the western, southern and eastern sides of the city. Avis is positioned less than three (3) miles from Florida State University, and five (5) miles from the Tallahassee International Airport (TLH). Avis is a USA company with a global presence. All Avis locations are corporately owned by Avis Budget Group, which also owns Budget, Payless Car Rental, Zipcar, and Budget Truck Rental. While some off-airport sites are ran by franchisees, this location is corporately operated. Additionally, Avis has a contract with the State of Florida for state employees, and Tallahassee is the State Capitol where the majority of state workers are located. This is an ideal opportunity for an investor looking for a steady, cash-flowing property backed by a strong corporate guarantee with annual rent increases, or an investor looking for a solid 1031 Exchange investment.

FOR SALE DETAILS

PRICE

$1,515,000 USD

PRICE/SF

$1,848 USD /SF

CAP RATE

5.55%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

ADD'L SUBTYPES

Auto Dealership

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1991

SPRINKLERS

-

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.6 AC

LAND SF

26,136 SF

ZONING

CP

APN/PARCEL ID

21-29-20-074-000.0

ASK ABOUT THIS PROPERTY

James GarnerCBREMore Info
805-666-8378

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James GarnerCBREMore Info
805-666-8378

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.